Legato Capital Management LLC acquired a new stake in Lakeland Financial Corporation (NASDAQ:LKFN) during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 9,339 shares of the financial services provider’s stock, valued at approximately $455,000.
A number of other institutional investors and hedge funds have also added to or reduced their stakes in the stock. Parametric Portfolio Associates LLC lifted its stake in Lakeland Financial Corporation by 4.2% during the first quarter. Parametric Portfolio Associates LLC now owns 20,562 shares of the financial services provider’s stock worth $887,000 after purchasing an additional 836 shares in the last quarter. Prudential Financial Inc. lifted its stake in Lakeland Financial Corporation by 1.5% during the first quarter. Prudential Financial Inc. now owns 5,272 shares of the financial services provider’s stock worth $228,000 after purchasing an additional 80 shares in the last quarter. SG Americas Securities LLC acquired a new position in Lakeland Financial Corporation during the first quarter worth $102,000. American International Group Inc. lifted its stake in Lakeland Financial Corporation by 7.2% during the first quarter. American International Group Inc. now owns 14,862 shares of the financial services provider’s stock worth $641,000 after purchasing an additional 999 shares in the last quarter. Finally, Alliancebernstein L.P. lifted its stake in Lakeland Financial Corporation by 1.2% during the first quarter. Alliancebernstein L.P. now owns 38,217 shares of the financial services provider’s stock worth $1,648,000 after purchasing an additional 450 shares in the last quarter. Hedge funds and other institutional investors own 69.42% of the company’s stock.
Lakeland Financial Corporation (NASDAQ LKFN) traded up $0.57 during trading hours on Monday, reaching $47.64. The company had a trading volume of 74,500 shares, compared to its average volume of 73,050. The stock has a market capitalization of $1,200.29, a price-to-earnings ratio of 20.53, a PEG ratio of 2.00 and a beta of 0.83. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.07. Lakeland Financial Corporation has a 52-week low of $39.68 and a 52-week high of $50.00.
Lakeland Financial Corporation (NASDAQ:LKFN) last issued its quarterly earnings data on Wednesday, October 25th. The financial services provider reported $0.62 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.60 by $0.02. The company had revenue of $44.12 million for the quarter, compared to analyst estimates of $43.91 million. Lakeland Financial Corporation had a return on equity of 13.33% and a net margin of 30.67%. equities research analysts anticipate that Lakeland Financial Corporation will post 2.38 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Monday, November 6th. Stockholders of record on Wednesday, October 25th were paid a dividend of $0.22 per share. The ex-dividend date of this dividend was Tuesday, October 24th. This represents a $0.88 annualized dividend and a dividend yield of 1.85%. Lakeland Financial Corporation’s dividend payout ratio (DPR) is 37.93%.
A number of research analysts have commented on LKFN shares. BidaskClub cut Lakeland Financial Corporation from a “hold” rating to a “sell” rating in a research note on Wednesday, July 19th. Zacks Investment Research lowered Lakeland Financial Corporation from a “buy” rating to a “hold” rating in a research report on Friday, August 25th. Finally, ValuEngine raised Lakeland Financial Corporation from a “hold” rating to a “buy” rating in a research report on Friday, September 1st. One analyst has rated the stock with a sell rating, two have assigned a hold rating and two have assigned a buy rating to the stock. Lakeland Financial Corporation presently has a consensus rating of “Hold” and a consensus price target of $49.00.
In other news, insider Batty Jill A. De sold 800 shares of the stock in a transaction dated Tuesday, September 5th. The shares were sold at an average price of $43.31, for a total transaction of $34,648.00. Following the completion of the sale, the insider now owns 8,132 shares in the company, valued at $352,196.92. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director M Scott Welch acquired 4,443 shares of Lakeland Financial Corporation stock in a transaction that occurred on Wednesday, September 6th. The stock was purchased at an average price of $42.30 per share, with a total value of $187,938.90. Following the transaction, the director now owns 112,148 shares of the company’s stock, valued at $4,743,860.40. The disclosure for this purchase can be found here. Insiders have bought 10,113 shares of company stock valued at $425,381 in the last quarter. Insiders own 5.00% of the company’s stock.
Lakeland Financial Corporation Profile
Lakeland Financial Corporation is a bank holding company. The Company, through its subsidiary, Lake City Bank (the Bank), provides an array of products and services throughout its Northern and Central Indiana markets. It offers commercial and consumer banking services, as well as trust and wealth management, brokerage, investment and treasury management commercial services.
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